Kindred Group acquires 32Red2017-06-29 08:57:11
Following months of anticipation, the news finally came through on June 6th, 2017 that Kindred Group received approval from the UK Gambling Commission (UKGC). Following the acquisition, it was announced that 32Red’s shares would be delisted from the London Stock Exchange on July 7th next month.
With the acquisition of 32Red, Kindred Group will have complete control over the company. The purchase offer values 32Red at £175.6m (GBP) with Kindred Group gaining the remaining 97% of 32Red’s outstanding shares (some of which have yet to be accepted). Kindred valued each share at 196 pence (£1.96 GBP).
Outstanding Shareholder Approval
The purchase offer has been accepted by the majority of 32Red shareholders but some acceptances remain outstanding. Acceptances which represent 97.6% of the company's issued share capital have been received up until now, and the offer will remain open to remaining shareholders until otherwise advised. The settlement is due on June 19th to those that have accepted the offer before June 5th. Acceptances submitted after June 5th will take 14 days after the date.
32Red Shareholders Advised To Accept
A 32Red statement regarding the outstanding acceptances stated: "The delisting will significantly reduce the liquidity and marketability of any 32Red shares not acquired by Kindred and the board, therefore, recommends those 32Red shareholders who have not already accepted the offer to accept the offer as soon as possible.”
Kindred Group Statement
Kindred Group, listed on Nasdaq Stockholm, released a statement following the news, and also advised shareholders yet to accept the offer to do so.
A Kindred Group statement read: “The board of Kindred is pleased to confirm that all of the conditions to the offer have now been satisfied or waived, and the offer is now declared unconditional in all respects. 32Red shareholders who have not yet accepted the offer are urged to do so as soon as possible”.
32Red has been licensed in Gibraltar for 15 years and is one of the world’s leading casino and sports betting companies. 32Red Plc Group operates 32Red Online Casino, 32Red Poker Room, 32Red Bingo, 32Red Sport and various other brands including Roxy Palace, recently acquired by the company. 32Red is a fully licensed company meaning the firm operates to the highest standards possible and receives regular audits from licensing authorities.
From 32Red’s website: “We are a British Company with shares traded on the London Stock Exchange (AIM: TTR) and based in Gibraltar (a British Overseas Territory), which is home to many of the largest operators in the egaming industry. 32Red has been a licence holder in Gibraltar since 2002 and also operates under a UK Gambling Commission Licence (reference 39430) “
About Kindred Group
“As Europe’s leading online gambling group we operate across Europe, and in Australia. We strive to hold local gambling licenses where possible but reach most parts of the European Union through our EU licence. Kindred pays betting duties in all markets in accordance with applicable local laws.”
Check out our 32Red Casino Review now!
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